Is there a double bottom forming in USD/CAD?

USD/CAD has been in a downtrend since late January. It broke 1.40, then 1.35, then 1.30. 1.29 proved to be a step too far though. It had a go at that level about two weeks ago but it failed to break below. The price jumped to 1.33 in the next several days but the 100 MA in the daily chart slapped it back down as you can see. It got close to 1.29 again yesterday but couldn´t break below it once more. It looks like a double bottom taking place here and if it is going to work the target would be 1.37. But first, 1.29 has to hold. 

Looks like a double bottom is forming in USD/CAD

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Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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